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UT Bank collapse: I think of jail – Kofi Amoabeng confesses

Chief Executive Officer for defunct UT Bank, Kofi Amoabeng says he sometimes think about jail.

Kofi Amoabeng’s UT Bank was part of the banks which were closed down due to their liquidity issues and the utter disregard for Corporate Governance.

Speaking in an interview with Accra-based Mx-24 monitored by MyNewsGh.com he indicated that sometimes he thinks he will be given a jail term because of the issues with his bank.

“Yeah Yeah Yeah,” he responded when asked if he thinks he will make a jail term.

The businessman acknowledged that as a bank, a lot of mistakes were done indicating that “as human beings we are fallible”.

Four companies received belonging to Ibrahim Mahama took a loan of ¢261.4m from UT Bank with Dzata Cement receiving ¢131.5m but lawyers for Ibrahim Mahama have disputed the figure but declined to state the amount taken.

Addressing this issue, Kofi Amoabeng said he has never regretted giving out such monies to the brother of the former President of Ghana to start his business.

“I don’t regret it,” the businessmen answered to a question on whether he regrets giving Ibrahim Mahama the loan.

The Attorney -General (A-G) in February this year filed new charges at the Accra High Court against Prince Kofi Amoabeng, the founder of the defunct UTBank, over the collapse of the bank.

The charge sheet filed at the Accra High Court named as accused persons Dr Johnson Asiama; a former 2nd Deputy Governor of the Bank of Ghana (BoG), Raymond Amanfu; a former Head of the Banking Supervision Division (BSD) of the BoG, Catherine Johnson; Head of Treasury of the UTBank, Robert Kwesi Armah; General Manager of Corporate Banking of UT Bank and UT Holdings; the parent company of UT Bank.

All fivehave been charged by the State with forty-two (42) counts of Fraudulent Breach of Trust, Fabrication of Evidence, Deceit of Public Officer, Fraudulently Causing Financial Loss to the Republic, Contravention of the Bank of Ghana Act and Wilfully Causing Financial Loss to the Republic.

Source: MyNewsGh.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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